One of Nigeria’s top airlines, Aero Contractors, has finally caved to the economic downturn under President Muhammadu Buhari.

On Wednesday, August 31, 2016, the airlines announced that it has suspended its operations indefinitely. This announcement comes on the same day that the National Bureau of Statistics announced the worst recession in 29 years of the country’s history.

Simon Tumba, a media consultant for Aero Contractors, issued a statement saying that will refund all customers with valid tickets and said that the decision by the management of the indigenous airlines was because of the “need to re-position the airline for profitability”

“The impact of the external environment has been very harsh on our operational performance, hence management decision to suspend scheduled services operations indefinitely effective September 1, 2016, pending when the external opportunities and a robust sustainable and viable plan is in place for Aero Contractors to recommence its scheduled services,” the airline said.
“The implication of the suspension of scheduled services operations extends to all staffs directly and indirectly involved in providing services as they are effectively to proceed on indefinite leave of absence during the period of non-services.

“We are aware of the impact this will have on our staff and our highly esteemed customers, hence we have initiated moves to ensure that we are able to return back to operations within the shortest possible time, offering reliable, safe and secure operations, which the airline is known for.”‎

In 2011, the Asset Management Company of Nigeria (AMCON) took over the management of the airline owing to its failure to meet some financial obligations.

The airline, which is the second largest in the country, had since been embroiled in financial challenges, and says the Rotary wing and the Maintenance Repair Operations (MRO) would continue as business units.